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US stocks drifted on Tuesday, July 26, as investors walked cautiously ahead of the Fed's comment on Wednesday. In addition, Walmart's warning about its profit also weighed on the traders' sentiment.
The S&P 500 fell 1.15% to 3,921.05. The Dow Jones was down 0.71% to 31,761.54. The NASDAQ Composite lost 1.87% to 11,562.57, and the small-cap Russell 2000 ticked down 0.69% to 1,805.25.
The investors are betting that the Federal Reserve would announce a 75 basis point hike on July 27, at the close of their two-day policy meeting. Fed Chair Jerome Powell’s press conference is scheduled for Wednesday afternoon.
Additionally, this would a crucial week for corporate earnings, with several big companies are expected to release their earnings later this week. Microsoft Corporation (NASDAQ: MSFT), Alphabet Inc. (NASDAQ:GOOGL), and Visa Inc. (V) are scheduled to report their earnings on Wednesday, after the market close.
Fed's decision on how hawkish they would turn and GDP data, which is expected to release by the Commerce Department on Thursday, would set the path for the market in the coming days.
On Tuesday, the health care and utility sectors were the gainers in the S&P 500 index. Eight of the 11 segments of the index stayed in the negative territory. The information technology and consumer discretionary sectors were the bottom movers.
Shares of the retail giant, Walmart Inc. (WMT) declined 7.61%, a day after the company warned the investors about its profit, citing that higher food and fuel prices are forcing the consumers to retreat.
General Motors Company (GM) lost 3.27% after the automaker reported its second-quarter earnings that fell short of Wall Street estimates.
On the other hand, the beverage firm, Coca-Cola Company (KO) added 1.35%, after the company raised its full-year revenue outlook, citing strong demands for sugary soda items.
In the healthcare sector, Johnson & Johnson (JNJ) increased by 0.71%, Pfizer Inc. (PFE) gained 1.02%, and Merck & Co., Inc. (MRK) rose 0.84%. Thermo Fisher Scientific Inc. (TMO) and Danaher Corporation (DHR) advanced 1.03% and 1.14%, respectively.
In utility stocks, Duke Energy Corporation (DUK) soared 0.98%, The Southern Company (SO) added 1.13%, and Sempra (SRE) surged 0.89%. Xcel Energy Inc. (XEL) and Consolidated Edison, Inc. (ED) ticked up 1.08% and 1.35%, respectively.
In the technology sector, Microsoft Corporation (MSFT) decreased by 2.68%, NVIDIA Corporation (NVDA) declined by 2.18%, and ASML Holding N.V. (ASML) fell by 2.75%. Oracle Corporation (ORCL) and Accenture plc (ACN) plummeted 1.11% and 1.42%, respectively.
Futures & Commodities
Gold futures were down 0.21% to US$1,715.55 per ounce. Silver increased by 1.03% to US$18.517 per ounce, while copper rose 1.01% to US$3.3885.
Brent oil futures decreased by 0.60% to US$99.59 per barrel and WTI crude was down 1.30% to US$95.44.
Bond Market
The 30-year Treasury bond yields were down 1.03% to 3.019, while the 10-year bond yields fell 0.66% to 2.801.
US Dollar Futures Index increased by 0.66% to US$107.060.
